Evaluate the Binomial Coefficient $\left( \begin{array} { l } 5 \\ 1 \end{array} \right)$

question 177

Multiple Choice

Evaluate the binomial coefficient.
- $\left( \begin{array} { l } 5 \\ 1 \end{array} \right)$

• A) \(\frac { 5 } { 4 }\)
• B) 5
• C) 1
• D) 5 !

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Definitions:

Equilibrium Wage

The wage rate at which the quantity of labor demanded by employers equals the quantity of labor supplied by workers, resulting in labor market equilibrium.

Labor

Human mental and physical contributions employed in the manufacturing of goods and services.

Marginal Product

The extra production obtained when one additional unit of a specific input is used, while all other inputs stay unchanged.

Labor Supply Curve

A graphical representation showing the relationship between the quantity of labor supplied and the wage rate in a given market.